B Com Exam > B Com Videos > Business Law > Legality of object - Contract, Business Law
Legality of object - Contract, Business Law Video Lecture | Business Law - B Com
|
33 videos|59 docs|18 tests
|
FAQs on Legality of object - Contract, Business Law Video Lecture - Business Law - B Com
| 1. What is the legality of a contract? |  |
Ans. The legality of a contract refers to the compliance of the contract with the applicable laws and regulations. For a contract to be legally binding, it must not involve any illegal activities or go against public policy. Contracts that involve illegal activities, such as drug trafficking or fraud, are considered void and unenforceable by the courts.
| 2. What are the elements required for a contract to be legally valid? | |
Ans. For a contract to be legally valid, it must have the following elements:
- Offer: One party makes a clear and definite proposal to another party.
- Acceptance: The other party agrees to the terms of the offer without any conditions or modifications.
- Consideration: Both parties exchange something of value, such as money, goods, or services.
- Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of legal age and mentally competent.
- Intent: Both parties must have the intention to create a legal relationship.
- Legality: The contract must not involve any illegal activities or go against public policy.
| 3. What happens if a contract is illegal? | |
Ans. If a contract is illegal, it is considered void and unenforceable by the courts. This means that neither party can enforce the terms of the contract or seek remedies for any breach. The court will not provide any assistance in enforcing an illegal contract because it goes against public policy and the law.
| 4. Can a contract be partially legal and partially illegal? | |
Ans. Yes, a contract can be partially legal and partially illegal. In such cases, the court will enforce the legal portions of the contract but will not enforce the illegal portions. This is known as the doctrine of severability or blue pencil rule. The court will strike out the illegal provisions and enforce the remaining legal provisions if they are capable of standing alone.
| 5. What are the consequences of entering into an illegal contract? | |
Ans. Entering into an illegal contract can have serious consequences. If a party knowingly enters into an illegal contract, they may be subject to criminal penalties or civil liabilities. Additionally, they may lose any rights or remedies they would have had under a legal contract. It is important to consult with legal professionals and ensure that contracts comply with the applicable laws and regulations to avoid these consequences.
Related Exams
About this Video
|
2.1K Views |
|
4.95/5 Rating |
|
Nov 15, 2024 Last updated |
Video Description: Legality of object - Contract, Business Law for B Com 2024 is part of Business Law preparation.
The notes and questions for Legality of object - Contract, Business Law have been prepared according to the B Com exam syllabus.
Information about Legality of object - Contract, Business Law covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Legality of object - Contract, Business Law.
Introduction of Legality of object - Contract, Business Law in English is available as part of our Business Law for B Com & Legality of object - Contract, Business Law in
Hindi for Business Law course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Legality of object - Contract, Business Law Video Lecture | Business Law - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Business Law.
Information about Legality of object - Contract, Business Law
Here you can find the meaning of Legality of object - Contract, Business Law defined & explained in the simplest way possible.
Besides explaining types of Legality of object - Contract, Business Law theory, EduRev gives you an ample number of questions to practice Legality of object - Contract, Business Law tests,
examples and also practice B Com tests.
|
33 videos|59 docs|18 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Important questions
,Business Law Video Lecture | Business Law - B Com
,Semester Notes
,ppt
,Objective type Questions
,Exam
,study material
,shortcuts and tricks
,video lectures
,Extra Questions
,Legality of object - Contract
,Business Law Video Lecture | Business Law - B Com
,Free
,Legality of object - Contract
,Viva Questions
,practice quizzes
,past year papers
,Previous Year Questions with Solutions
,Summary
,Business Law Video Lecture | Business Law - B Com
,mock tests for examination
,Sample Paper
,Legality of object - Contract
,MCQs
;
Study Legality of object - Contract, Business Law on the App
Students of B Com can study Legality of object - Contract, Business Law alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Legality of object - Contract, Business Law,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Legality of object - Contract, Business Law is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup